Ethereum Price Technical Analysis – ETH/USD Recovery Real?

Key Highlights

• ETH price managed to move above the $43.20 resistance against the US Dollar.
• Yesterday’s highlighted bearish trend line with resistance near $43-$44 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
• The price traded higher, but failed to hold the momentum above $44.80, signaling caution.

Ethereum price made a minor upside move above $43.20 against the US Dollar, but is this move in ETH/USD a real recovery?

Ethereum Price Trend Line Break

We recently saw a dip in ETH price towards $40.78 against the US Dollar. Later, the price found support and started an upside move above $41. The price was above to move above the 23.6% Fib retracement level of the last decline from the $51.40 high to $40.78 low. It prompted more buying in ETH and ignited a move above $43. During the upside move, the price cleared the $44.20 and $44.40 resistance levels.

The most important move was above yesterday’s highlighted bearish trend line with resistance near $43-$44 on the hourly chart of ETH/USD. The price traded towards $45 where it found sellers. Actually, it faced resistance near the 38.2% Fib retracement level of the last decline from the $51.40 high to $40.78 low. The price reacted and moved down once towards $43. However, it now recovering once again and might move above $44.80.  The next major resistance is at $46.08.

It won’t be easy for ETH buyers to break $46.10 since it is a major hurdle. It also represents the 50% Fib retracement level of the last decline from the $51.40 high to $40.78 low. On the downside, the $43 level is a short-term support. Below $43, the $42 level might be considered as a buy zone.

Hourly MACD – The MACD is attempting to move into the bullish zone.

Hourly RSI – The RSI is now above the 50 level, and heading north.

Major Support Level – $42.00

Major Resistance Level – $46.10

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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